USOIL is experiencing a boost w/ wave extension shown in the chart. The overall price action is on a downtick.
The expectation is that by about DEC 27 or DEC 28, the bottom really falls out and oil could retrace well below 45/b before the turn of the calendar year. With many analysts having gone full-on bull with everything, this voice should prove as a counter-intuition because the SHORT called for over the weekend worked out, and the sustainability of this global economy through a pandemic cannot be that strong.
The short this trader acted on was Halliburton, but GUSH or the oil ETF is towards the same notion.